The right loan for your move.

FHA Construction: Complete Guide

The in-depth walkthrough — loan types, FICO tiers, timelines, and how FHA compares to VA & USDA.

FHA Loans

FHA home loans let owner-occupant buyers purchase with as little as 3.5% down and credit scores starting at 580, with flexible debt-to-income rules and allowable gift funds. North Bay Capital shops multiple FHA lenders to match first-time, lower-credit, and low-down-payment buyers with the right loan.

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Conventional Loans

Conventional loans are mortgages backed by Fannie Mae or Freddie Mac, available with 3% to 20%-plus down. Unlike FHA, the mortgage insurance is cancellable and there is no upfront premium, which makes them a strong fit for buyers with decent credit who want to stop paying for insurance once they build equity.

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DSCR Loans

DSCR (Debt Service Coverage Ratio) loans let investors qualify on a property's rental income instead of personal income, with no tax returns or DTI calculation, typically 20-25% down, and the option to hold title in an LLC. North Bay Capital shops multiple DSCR lenders so the loan fits how you actually invest.

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Bank Statement Loans

Bank statement loans are a non-QM option that lets self-employed borrowers and business owners qualify using 12 or 24 months of bank deposits instead of tax returns. As a brokerage, North Bay Capital matches your cash flow to the right lender, typically with 10 to 20 percent down.

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P&L Loans

P&L statement loans are a Non-QM option that lets self-employed borrowers qualify using a 12-to-24-month profit and loss statement prepared by a licensed CPA, EA, or tax preparer — instead of tax returns or a full bank-statement analysis. North Bay Capital, a California brokerage led by Jesse Gonzalez, compares lenders to find the down payment, credit, and occupancy terms that fit your business.

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1099 Income Loans

1099 income loans are non-QM mortgages that let independent contractors, gig workers, and commissioned earners qualify using one to two years of 1099 forms rather than full tax returns. Your income is calculated from gross 1099 receipts minus a modest expense factor, which often supports a larger loan than a tax-return-based approval.

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VA Loans

A VA home loan is a mortgage backed by the Department of Veterans Affairs that lets qualified veterans, service members, and surviving spouses buy with $0 down and no monthly mortgage insurance. This page covers VA purchase loans, the IRRRL streamline refinance, and cash-out refinancing, plus how entitlement, the funding fee, and your Certificate of Eligibility actually work.

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USDA Loans

USDA Rural Development loans (Section 502 Guaranteed) let qualified buyers purchase an eligible rural or suburban home with $0 down, provided household income stays within roughly 115% of the area median. Many small towns and outlying areas near Sonoma County and across Northern California qualify, and the guarantee fees run lower than comparable FHA mortgage insurance.

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Fixed-Rate Mortgages

A fixed-rate mortgage keeps the same interest rate and the same principal-and-interest payment for the full loan term, most commonly 30 or 15 years. As a brokerage, North Bay Capital compares fixed-rate options across many lenders and across conventional, FHA, VA, USDA, and jumbo programs.

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Refinance

Refinancing replaces your current mortgage with a new one, usually to cut your rate or payment, change your term, pull cash from equity, or remove mortgage insurance. The right move depends on your rate, how long you'll stay, and whether the monthly savings recoup the closing costs.

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Rehab & Renovation Loans

Renovation loans let you buy a fixer-upper or refinance your home and fold the remodeling cost into one mortgage, based on the home's after-renovation value rather than its current condition. North Bay Capital shops FHA 203(k) Limited and Standard and Fannie Mae HomeStyle to match the right program to your project.

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First-Time Home Buyer

First-time buyers in Sonoma County and across California have several low- and no-down-payment paths: FHA at 3.5% down, conventional loans at 3% down, and VA or USDA loans at zero down. North Bay Capital compares these options for you, helps layer in down payment assistance and gift funds, and explains the process step by step.

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Low Down Payment Options

There is no single "low down payment loan" — there's a menu. VA and USDA can mean nothing down, FHA needs 3.5%, and several conventional programs go as low as 3%. The right choice depends on your service history, where you're buying, your credit, and how much cash you want to keep. North Bay Capital shops these options for you and explains the real trade-offs, especially mortgage insurance.

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Investment Property Loans

Investment property loans finance 1-4 unit rentals you do not live in. The two main paths are conventional financing (you qualify on personal income, with 15-25% down and cash reserves) and DSCR loans (you qualify on the property's rent, often vested in an LLC). As a brokerage, North Bay Capital compares both — plus bank-statement and portfolio options — to find the lowest cost for your scenario.

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Reverse Mortgage

A HECM is an FHA-insured reverse mortgage that lets homeowners 62+ access home equity as a lump sum, monthly payments, or a line of credit, with no required monthly mortgage payment as long as you keep up property taxes, insurance, and upkeep. North Bay Capital shops the program, walks you through HUD-required counseling, and helps you decide whether it actually fits.

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Jumbo Loans

A jumbo loan finances an amount above the FHFA conforming limit, which matters often in higher-cost California markets. Expect stronger credit, a larger down payment, and cash reserves, with fixed, ARM, and bank-statement options available through a broker who compares lenders for you.

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